SBI Holdings (TYO:8473) has secured the necessary approvals from South Korean financial authorities to proceed with its planned acquisition of Kyobo Life Insurance, according to its Tokyo bourse filing on Friday.
The company will now purchase shares from Kyobo Life's existing shareholders, after which Kyobo Life will become an equity-method affiliate of SBI Holdings.
As a result of the transaction, SBI Holdings expects to record a gain on negative goodwill, with the final amount to be calculated based on Kyobo Life's consolidated financial statements at the time of the share acquisition's completion.
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